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Among the investors in Germany who are concerned about their investments in the Greensill Bank forcibly closed, in addition to numerous cities and municipalities, apparently also some public broadcasters. According to a report by Bremen »Weser-Kurier«, the North German Broadcasting Corporation (NDR) has confirmed that it is a customer of the financial institution. The station has made time deposits with the bank since 2019. The newspaper quotes a station spokeswoman as saying that the transaction “had always been done correctly.” The NDR did not provide any information on the amount of the deposits.
According to the newspaper, the NDR assumes that it will not suffer any economic damage. Furthermore, the Saarländischer Rundfunk (SR) and the Südwestrundfunk (SWR) confirmed to the “Weser-Kurier” that they had invested in Greensill. They also didn’t want to say anything about the height.
The money of various cities is on fire
Supervisory authorities closed Greensill Bank in Bremen last week due to the threat of over-indebtedness. The institute is not in a position to provide evidence of the existence of accounts receivable that it has purchased from GFG Alliance Group. GFG stands for Gupta Family Group and is owned by British-Indian steel magnate Sanjeev Gupta. His company Liberty Steel recently failed with the acquisition of Thyssenkrupp’s steel division.
It was recently announced that several cities and municipalities fear investments in Greensill. The city of Osnabrück has invested 14 million euros and the city of Monheim 38 million in the institute. The problem: mandatory deposit insurance does not apply to municipal deposits.
It is a little different with public law institutions. As of January 1, 2020, investments in private banks are no longer insured for such stations, which also include ARD broadcasters. However, this only applies to investments of more than 18 months. According to “Weser Kurier”, the NDR refers to the fact that its facilities have been extended for shorter periods of time.
